Why you should have an Independent financial Adviser….

Will you be able to retire? More than that, will you be able to retire while you are still healthy and able to enjoy the lifestyle you want? Even if you feel that you have plenty of money, you might still feel uncertain about your future.

This is not because you are lacking the ability to handle money, but because you need a bit of extra help. That help can come from an independent financial adviser.

What is an Independent Financial Adviser?

Many financial advisers are tied to a specific firm and promote their own products, helping clients get the best from them. An independent financial adviser, on the other hand, can search the entire market to source a better deal. The FCA requires that independent financial advisers pass a Level 4 qualification in financial advice, such as a Diploma for Financial Advisers. Many have an advanced diploma or a degree. They also have to do no less than 35 hours of continuing training a year.

They follow high standards so they can give the best advice for you and your specific situation and FH Manning Financial Services’ goal is always to help you find the best way to improve your financial wellness.

Why Should I Hire an Independent Financial Adviser?

There are a number of reasons you should hire an independent financial adviser. Here are some of the most important:

1. Security and Peace of Mind

Having an expert go over your finances and help you make decisions that will support your future through retirement without sacrificing your lifestyle. You will sleep better and have less stress. Being constantly worried about retirement can affect your health and if you keep saying to yourself “I can’t afford this because I need to save every penny for retirement” then that’s not beneficial to your general wellbeing either. We have to have a life whilst we work! A financial adviser can help you focus on what’s important and guide you to a proper balance between your lifestyle and your retirement.

2. Highly-Personalised Advice

Independent financial advisers don’t have to follow the agenda of big firms. In fact, many choose to be independent for improved flexibility and job satisfaction. You will get advice that takes into account every aspect of your personal situation, from how many children you have to whether you own your home to your current and past income. Take a look at this basic age-specific financial advice as a starting point but you will need personalised advice from an expert to make sure all necessary contingencies are covered. FH Manning Financial Services can help you invest for the future, choose the right pension plan, and forecast your financial position to give you the best possible advice.

When working with an Independent Financial Adviser (IFA), you gain more control over your finances because they are not tied to any specific financial products or companies. This independence allows them to offer impartial advice and a wider range of options tailored to your specific needs, goals, and values. FH Manning takes into account your personal values and what you care about when recommending investments, something that not all Independent Financial Advisers do.

3. Less Bias…more choice

Financial advisers that work for larger firms are encouraged to sell their own products, or products from companies they have a relationship with. Sometimes, their job is solely to advise you on how to use their products. Independent  financial advisers can offer a service rather than a product sale, charging a fee for their time rather than a commision for a product. Also, they are not restricted to only selling one product.

They may also have access to a broader range of products and can help you choose the right one for you instead of shoehorning your plan into a company’s product range. They can split between several providers to get you the best results and the best deal.

4. Longer Term Relationship

When you work with a larger firm, your adviser might quit to work for somebody else or set up on their own. You will then be assigned another adviser. These changes can result in your long-term plan losing traction as the new adviser may see things differently which may not always be for the best. You might also have to explain your plan over again to a new adviser who may not have been properly briefed. When you choose an independent adviser, on the other hand, you are choosing somebody who will stay with you in the long term.

This allows for a more personal relationship with regular check ins to make sure everything is going well. Your adviser will, over time, become more familiar with your needs and you can trust that they will stay with you.

5. Broader, More Holistic Services

Many large firms are focused on acquiring new client assets to manage. The bottom line matters to all of us, but these advisers can be focused on selling services and products rather than giving you the best advice.

Because IFA’s don’t need to sell anything they can focus their time and efforts on you and the complexities of your specific situation. They work to understand all of your financial and lifestyle issues to provide you with the best all encompassing plan.

6. Avoiding Investment Mistakes

Last, but not least, working with a financial adviser can help you avoid common mistakes. They can help you avoid panic selling, straining yourself financially by putting too much into savings or compromising your retirement by saving too little. Above all they can develop a holistic plan with regular check-ins to help you stay focused on your goals. As an Independent Financial Adviser maintains long-term relationships, they can spot negative investment trends and help you avoid them. They will review your investments regularly, and remind you about inflation or other potential risks to the safety of your financial future.

Just as importantly, while they are invested in your success, they’re not emotionally invested. If you aren’t seeing things clearly,  they can help you do so, whether you are panicking because the stock market looks bad, dealing with stress related to your career, or facing the emotional context of thinking about what will happen after you are gone.

If you need independent, personalised, and unbiased financial advice, email our advisers at mail@fhmanning.co.uk and you will be directed to the best suited adviser in our business, based on your needs. They can then set up an informal chat over coffee or tea and help you start your tailored, holistic financial plan to secure your future.